Crude Oil Continues to Decline

Negative trading still dominates US crude oil futures contract prices within the expected bearish path, heading towards our first target of 66.00, recording its lowest price of 66.10.

Technically, we tend to the negativity, relying on the stability of the intraday trading below 67.20, and in general below 67.55, the 61.80% Fibonacci correction, accompanied by negative signals coming from the RSI, in addition to the continuation of the negative pressure of the EMA50.

From here, the bearish scenario remains valid, targeting 66.00/65.85, a first target, and then 65.30 and may extend later to visit 65.00 awaited stop.

Rising again above 67.55 will immediately halt the continuation of the bearish bias and lead the oil to a bullish intraday touch, targeting a retest of 68.00.

Note: IEA report is due today and may cause volatility.

S1: 65.85	R1: 67.20
S2: 65.30	R2: 68.00
S3: 64.50	R3: 68.50